At present, Lloyds TSB Development Capital (LDC) has a presence in 10 regional centers outside of London, where its head office is based. It has been revealed that a new office will be established in either Glasgow or Edinburgh.
The move supports LDC’s commitment to being the UK’s most active mid-market private equity house in the GBP5 million to GBP250 million deal range with the largest regional network.
Grant Berry, UK regional managing director of LDC, said: We’ve always had the ability to support transactions in Scotland but we felt the time was right to increase our commitment and strengthen our presence.
It’s an important economy with a rich heritage of entrepreneurial corporate and family-owned businesses and a well-established corporate finance network. Along with our colleagues in Lloyds TSB Scotland, these are the people we want to work more closely with – the first step is setting up on the ground so we can form a real part of that community and hopefully stimulate activity.
The group has revealed that it is targeting GBP250 million of new investment in 2007 and a profit before tax in excess of GBP100 million.
